-JMJ Financial buys promissory notes from Raystream.
BANKING AND CREDIT NEWS-April 5, 2012--JMJ Financial buys promissory notes from Raystream(C)2012 M2 COMMUNICATIONS http://www.m2.com
5 April 2012 -- US equity mortgage lender JMJ Financial has struck a deal to purchase a maximum USD1.58m (EUR1.21m) convertible promissory notes from Raystream Inc (OTCBB:RAYS), the video compression services provider said Wednesday.
The deal, which was sealed on 21 March, involves also warrants issuable prorated on the amounts actually funded to the company, Raystream said.
The notes are scheduled to mature on 21 March 2015. They are convertible into ordinary shares in Raystream, at the discretion of the holder of the securities.
The conversion price is 70% of the lowest trade price in the 20 trading days before the effective date of the conversion or USD0.40, in the event that such a price is higher than USD0.40, Raystream noted.
Under the terms of the transaction, JMJ Financial has security interest over Raystream's assets, Raystream said.
The deal will help Raystream with the development of its product and services pipeline and with offering on the market HD video compression solutions, Raystream's CEO, Brian Petersen, noted.
JMJ Financial was founded in 1992. It says it currently services accounts for private investors and pension plans of over USD30m.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Apr 5, 2012|
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